david: joining us is terror -- ,uy: joining us is karen ward chief strategist for j.p. rgan asset management. is that as good as it gets when it comes to a monetary response? karen: i think it is. it is unprecedented. sides, today from both this was a coordinated, concerted physical effort with monetary policy -- a concerted fiscal effort with monetary policy to support it. it is about as good as it gets. certainly what the market has been waiting to hear from policymakers globally. monetary policy would help but fiscal policy would be the first line of defense. david: -- guy: u.s. markets are down and down sharply. the ftse 100 selling off. inwe need that extra step order for markets to pay attention? karen: i think that is right. we can get it right in the u.k. but we are not big enough. the disappointment from yesterday we did not get a clear package coming out of the u.s. isthe fiscal side is what leading the disappointments through the global session. the chancellore: warned about temporary disruptions to the market. how can you be sure it is temporary? karen: the p

karen ward, bonds are priced for perfection. what do you do at jp morgan? karen: i think appreciate that historically if you have thought these deals are low and cannot go lower, you have been wrong. so learn from your lessons and remember that the core bonds play an important role. tom: come on, we are in the middle of a world crisis, the prices move, move, move. do you move duration today? what does your team say? karen: yes, you do have to move duration. you have to go longer out, longer curve, but it is not just treasuries. if we look at the returns from other european bonds, you would have said that bunds could go to these negative rates. it shows you that core bonds -- you are right, we have to take longer duration for them to do that role. but core bonds are still doing what we want them to do, go up in price. francine: what does shale do in this? at $30, shale operate -- can shale operate? will: it is going to be a very distressing situation for the shale industry, but it will take time. some things have changed about the shale industry since the las